4 Elements of Social Media Guidelines

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If you’re not using social media to promote your firm and content, consider this: 22 percent of the world’s population uses Facebook (not to mention 79 percent of Americans) and nearly 1 in 3 internet users with a college degree are on Twitter.

When financial advisers use social media well, it can boost their overall marketing strategy considerably. When they don’t, it can be an expensive, potentially career-ending disaster.

But don’t let that scare you. Just establish firm rules of engagement in these areas before posting anything.

1. Compliance

Watch out for these potential red flags:

Promissory language: Don’t promise success and don’t say you can get any better results than anyone else.

Testimonials: This one’s also kind of obvious, but it has some finer points. In the SEC’s guidelines, they lay it all out, but it basically boils down to this: keep the testimonials off your Facebook, Twitter, Linkedin or other self-run social media sites, even if the clients post it themselves. But reviews from other people on sites like Yelp, Google Reviews or Angie’s List are OK.

Out-of-context numbers: I made a good number of mistakes in this area when I first entered the financial world because I assumed anything that was acceptable in a blog post was acceptable on social media.

After a few panicked phone calls from clients, I learned this lesson: don’t post any market statistics. They can easily be taken out of context and viewed by someone as promissory.

2. Approval Process

Giving anyone (including yourself) total freedom to post anything on your social media accounts whenever they want is not a great idea. You’ll want to implement an approval process.

At Mineral, we developed a social post template that makes it easy to share social post ideas with your team and track the approval process. (I set up a “View Only” version of our sheet that you can check out for yourself. If you want your own, in the File menu, just click “Make a Copy.” We also have an Excel version.)

But a social post template alone won’t solve all your approval problems. You’ll need an approval workflow that takes your posts from creation to publication.

Here’s ours:

Creating posts should fall to your creative team (if you don’t have one, a more creative or social media-savvy team member will do). But final approval should be reserved for the people who will ultimately be held responsible if a bad post goes up.

Jud and Kim (our CEO and president, respectively) reserve the right to final approval. It’s their necks (and business) on the line.

Don’t have the time or interest to approve every piece of content that goes out the door? That’s okay, just understand that you’re basically handing over the reins of your firm’s public image, so you need a professional you can trust.

3. Personal Profiles

During a speech by Trump in early March, Dan Grilo, a principal at Liberty Advisor Group, posted something stupid about the wife of a fallen soldier and landed himself in some very hot water.

He posted from his own personal account, but people still began associating Liberty with Grilo’s tweet. In the end, he was fired and Liberty issued an apology, InvestmentNews reported.

Set up some suggested guidelines for what employees should avoid talking about, even on private social media channels (the big three are inflammatory political statements, market predictions and offensive language). You could require guidelines or you could just use Mr. Grilo as an example.

People can and do get fired for stuff they post on their personal accounts. It happens all the time. See this Oxygen article on things people have been fired for posting on their social media accounts.

4. Interactions

Social media is a two-way street. And that’s a good thing! If you don’t respond to people tweeting at you or posting on your wall, you could miss out on prospects and end up looking rude.

Make sure engagement notifications are sent to a phone, computer or Slack (using social integrations) so you don’t miss anyone reaching out.

When someone tweets at you or posts on your wall, you have two options: one of the final approval people could handle interactions so engagements move smoothly, or you slow down the engagement process and use the approval workflow.

This could be done easily and quickly in Slack (an app directory site where we have a #social channel to kick ideas around for posts and responses).

Bonus Rule: Keep Records of Everything

As FINRA wisely cautions, you should keep records of everything you do on social media. To do that, you’ll want to use a social posting and archiving service like Social Assurance or Hey Orca that keeps an audit trail.

Social media is fertile ground for adviser prospects. Who knows? Your next $1M-plus client could find you because of a simple retweet. Just make sure you think about these four areas before you post.

zach-mcdonald

 

Zach McDonald
Editorial Director
Mineral Interactive
Omaha, Neb.

One thought on “4 Elements of Social Media Guidelines

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